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Supreme Court Allows Appeal of SBI Consortium in Corporate Guarantee Dispute Under IBC. Corporate Guarantees Executed by Corporate Debtor Constitute Financial Debt Under Section 5(8) of IBC, 2016, and Are Enforceable Despite Timing and Stamping Objections.

The Supreme Court allowed the appeal filed by the Appellant Consortium against the order of the National Company Law Appellate Tribunal (NCLAT) which ...

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Bombay High Court Examines Rejection of Settlement Applications by Customs Settlement Commission for Non-Compliance with Section 127B of Customs Act, 1962. Petitioners Argued That Non-Payment of Interest Under Repealed Section 28AB Could Not Be Ground for Rejection, and Orders Were Arbitrary.

The petitioners, a father-son duo engaged in importing old and used cranes, faced three show cause notices issued by the Directorate of Revenue Intell...

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High Court of Judicature at Bombay Considers Wealth Tax References and Writ Petition on Inclusion of Seized Gold in Net Wealth. Assessee Challenged Valuation of Gold Seized Under Gold Control Act, Claiming Nil Value Due to Confiscation and Revenue's Prevention of Investment in Exempt Gold Bonds.

The matters before the Bombay High Court comprised wealth tax applications, references, income tax appeals, and a writ petition arising from inclusion...

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Gujarat High Court Quashes Demand Notice in Income Tax Case Due to Non-Application of Mind and Violation of Natural Justice. Section 156 Notice Set Aside for Lack of Proper Consideration of Petitioner's Reply.

The petitioner, Zydus Infrastructure Private Limited, a company incorporated under the Companies Act, 1956, engaged in development, operation and main...

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High Court of Karnataka Hears Challenge to FIR Against Income Tax Officials: Sections 138 and 293 Income Tax Act Protection Argued. Court Examines Whether Notice Under Section 91 Cr.P.C. Can Override Statutory Safeguards in Search and Seizure Cases.

The writ petition was filed by income tax authorities under Articles 226 and 227 of the Constitution read with Section 482 Cr.P.C. seeking quashing of...

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Bombay High Court Quashes Attachment and Sale of Residential Bungalow in Income Tax Recovery Proceedings. Order Beyond Limitation Period Under Rule 68B(3) of Second Schedule and Non-Compliance with Proclamation Requirements Render Sale Invalid.

The case involved a writ petition under Article 226 of the Constitution of India challenging the attachment and proposed sale of a residential bungalo...

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Bombay High Court Dismisses Petition Challenging Settlement Commission Orders in Customs Duty Under-Invoicing Case. Settlement Commission's Rejection of Settlement Application Upheld as Proper Exercise of Discretion Under Section 127H of Customs Act, 1962.

The petitioner, M/s Paul Industries, imported electronic goods during 1995-96 and was issued a show cause notice on 11th June 1999 by the Directorate ...

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Bombay High Court Hears Writ Petition Challenging Attachment and Proposed Sale of Residential Bungalow under Income Tax Act, 1961, on Ground of Limitation. Petitioner Contends That Tax Recovery Officer's Action Is Time-Barred Under Rule 68B of Second Schedule.

The petitioner, a 60-year-old Indian citizen, filed a writ petition under Article 226 of the Constitution of India seeking to quash and set aside the ...